ZELUS HENA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ZELUS HENA
Largest movements
- Receivables within one year +€91,482
up €91,482 (+34.7%), from €263,476 to €354,958
of which Trade receivables: +€102,792
- Tangible fixed assets -€80,836
down €80,836 (-39.3%), from €205,511 to €124,675
of which Plant, machinery and equipment: -€80,429
- Current investments +€49,084
up €49,084 (+37.5%), from €130,930 to €180,014
- Cash -€23,227
down €23,227 (-32.8%), from €70,920 to €47,692
mainly Receivables within one year (-€91,482) and Debts after one year (-€83,135)
- Stocks and contracts +€8,488
up €8,488 (+78.0%), from €10,879 to €19,367
- Trade debts +€144,041
up €144,041 (+356%), from €40,462 to €184,503
- Debts after one year -€83,135
down €83,135 (-59.7%), from €139,336 to €56,201
- Current portion of long-term debt -€37,641
down €37,641 (-29.6%), from €127,304 to €89,663
- Reserves +€21,814
up €21,814 (+8.4%), from €260,653 to €282,467
- Other debts +€7,799
up €7,799 (+16.5%), from €47,405 to €55,204
- Gross operating margin -€92,058
down €92,058 (-14.0%), from €657,804 to €565,746
- Depreciation -€55,519
down €55,519 (-35.8%), from €154,964 to €99,445
- Staff costs -€13,893
down €13,893 (-3.3%), from €419,486 to €405,593
- Financial income +€6,618
up €6,618 (+1,051%), from €630 to €7,248
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €684,494 | €734,380 | +€49,886 | +7.3% |
| Fixed assets | 21/28 | €205,511 | €124,675 | -€80,836 | -39.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €205,511 | €124,675 | -€80,836 | -39.3% |
| Plant, machinery and equipment | 23 | €204,721 | €124,291 | -€80,429 | -39.3% |
| Furniture and vehicles | 24 | €790 | €384 | -€407 | -51.5% |
| Current assets | 29/58 | €478,983 | €609,705 | +€130,722 | +27.3% |
| Stocks and contracts in progress | 3 | €10,879 | €19,367 | +€8,488 | +78.0% |
| Stocks | 30/36 | €10,879 | €19,367 | +€8,488 | +78.0% |
| Amounts receivable within one year | 40/41 | €263,476 | €354,958 | +€91,482 | +34.7% |
| Trade receivables | 40 | €128,372 | €231,164 | +€102,792 | +80.1% |
| Other amounts receivable | 41 | €135,103 | €123,794 | -€11,310 | -8.4% |
| Current investments | 50/53 | €130,930 | €180,014 | +€49,084 | +37.5% |
| Cash at bank and in hand | 54/58 | €70,920 | €47,692 | -€23,227 | -32.8% |
| Deferred charges and accrued income | 490/1 | €2,778 | €7,674 | +€4,896 | +176% |
| Total equity and liabilities | 10/49 | €684,494 | €734,380 | +€49,886 | +7.3% |
| Equity | 10/15 | €266,853 | €288,667 | +€21,814 | +8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €260,653 | €282,467 | +€21,814 | +8.4% |
| Distributable reserves | 133 | €260,653 | €282,467 | +€21,814 | +8.4% |
| Amounts payable | 17/49 | €417,640 | €445,713 | +€28,073 | +6.7% |
| Amounts payable after more than one year | 17 | €139,336 | €56,201 | -€83,135 | -59.7% |
| Financial debts | 170/4 | €139,336 | €56,201 | -€83,135 | -59.7% |
| Amounts payable within one year | 42/48 | €274,604 | €386,247 | +€111,642 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €127,304 | €89,663 | -€37,641 | -29.6% |
| Financial debts | 43 | €3,380 | €0 | -€3,380 | -100% |
| Credit institutions | 430/8 | €3,380 | €0 | -€3,380 | -100% |
| Trade debts | 44 | €40,462 | €184,503 | +€144,041 | +356% |
| Suppliers | 440/4 | €40,462 | €184,503 | +€144,041 | +356% |
| Taxes, remuneration and social security | 45 | €56,054 | €56,877 | +€823 | +1.5% |
| Taxes | 450/3 | €10,200 | €12,494 | +€2,294 | +22.5% |
| Remuneration and social security | 454/9 | €45,854 | €44,383 | -€1,471 | -3.2% |
| Other amounts payable | 47/48 | €47,405 | €55,204 | +€7,799 | +16.5% |
| Accrued charges and deferred income | 492/3 | €3,700 | €3,265 | -€435 | -11.8% |
| Remuneration, social security and pensions | 62 | €419,486 | €405,593 | -€13,893 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,964 | €99,445 | -€55,519 | -35.8% |
| Other operating charges | 640/8 | €9,262 | €8,948 | -€314 | -3.4% |
| Gross operating margin | 9900 | €657,804 | €565,746 | -€92,058 | -14.0% |
| Operating profit (loss) | 9901 | €74,092 | €51,760 | -€22,332 | -30.1% |
| Financial income | 75/76B | €630 | €7,248 | +€6,618 | +1,051% |
| Recurring financial income | 75 | €630 | €7,248 | +€6,618 | +1,051% |
| Financial charges | 65/66B | €25,604 | €24,360 | -€1,245 | -4.9% |
| Recurring financial charges | 65 | €25,604 | €24,360 | -€1,245 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €49,118 | €34,648 | -€14,470 | -29.5% |
| Income taxes | 67/77 | €18,523 | €12,835 | -€5,689 | -30.7% |
| Profit (loss) for the period | 9904 | €30,595 | €21,814 | -€8,781 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,595 | €21,814 | -€8,781 | -28.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.